2023-06-26 17:01:50 ET
Abcam ( NASDAQ: ABCM ) founder Jonathan Milner said he suspended his proxy solicitation effort after the biotech company said Friday it would evaluate strategic alternatives, including a potential sale. Abcam rose 3% in after-hours trading.
"In light of reports that the Company has received credible inbound M&A interest, and the Company’s announcement that the board is pursuing these strategic alternatives, I have decided to suspend my solicitation for the time being to allow the board to focus on pursuing its strategic review and thereby create maximum shareholder value," Milner said in a statement.
Abcam ( ABCM ) shares jumped 13% on Friday as the company said it's formally reviewing its strategic option after receiving takeover interest. The announcement came after Abcam ( ABCM ) said a week ago that it had received strategic interest from multiple parties in recent weeks, sending its shares soaring 17% last Friday.
Milner, founder of Abcam ( ABCM ) and a former director of the company, has a 6.3% stake in the biotech firm. Milner last month said he plans to call an extraordinary general meeting to try to win election to the board as executive chairman.
On Friday, activist investor Starboard Value said it supports Abcam's ( ABCM ) announcement that it plans to conduct a strategic review. Starboard Value, led by Jeff Smith, took a stake of about 2% in Abcam ( ABCM ), according to a Sunday Times report earlier this month.
More on Abcam
- Abcam: Nosebleed Valuations, Flat Growth Profile Justify Hold Rating
- Abcam to streamline and consolidate operations in bid to cut costs
- Abcam: Growth Has Come At A Cost To Equity Holders
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Abcam founder Jonathan Milner suspends proxy solicitation